Sharp Decline in ECL Results in a Jump of CIMBT’s 3Q Net Profit by 822% to THB753 Million
CIMBT reported a net profit of 753 million baht in 3Q21, increased 822%, largely due to a drop in ECL.
CIMB Thai Bank Public Company Limited (CIMBT) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
CIMBT reported a net profit of 753 million baht in 3Q21, increased 822% from a net profit of 81 million baht in 3Q20. The increase in net profit was largely due to a decline in expected credit loss from 1,251 million baht in 3Q20 to 765 million baht in 3Q21. Also, the bank recorded lower expenses in the quarter at 1,932 million baht, decreased 12% from 2,202 million in 3Q20.
The gross NPL ratio in 3Q21 was 4.4%, compared to 4.6% as at December 31, 2020.
